Christopher Lewis
Add to Bookmarks

The Australian dollar pulled back just a bit to kick off the trading session on Monday but then rallied. However, when you look at the overall structure the market, it is hard not to notice that the Aussie has been grinding a bit lower as of late and obviously the 50 day EMA is sitting just above. The 50 day EMA is quite often followed by technical traders, and it is worth noting that we are starting to rollover just a bit. This is a market that is more than likely going to see a certain amount of overhead and therefore I think it is worth noting that the MACD is also below the zero line, so that also is a signal that perhaps we are running out of trouble.

AUD/USD Video 30.03.21

On the other hand, if we were to break above the highs of last week, then we could make a move towards the upside and perhaps an attempt to reach above the 0.7850 level. A break above there then opens up the possibility of a testing the 0.80 level, which is a huge round figure that a lot of people will pay attention to. It is also an area where we have seen a lot of resistance on a monthly chart, so it would be a major breach of a larger area that a lot of people would be paying close attention to in order to get long and hold on to the Aussie. However, the US dollar has been so strong that is difficult to imagine that the Aussie will suddenly blow through this level.

Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker